Newspapers / The Tarborough Southerner (Tarboro, … / Dec. 5, 1828, edition 1 / Page 2
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this State, more especially during the past year. The notes of our banks have been greatly below par, and the complaints of our cit izens, who have suffered from the depreciation, have been loud, and in general, just and well founded. The regret I have expressed is greatly increased by the consider ation that this State, in its corpo rate capacity, owns more than one fifth, of the capital of its banks in fact, that nearly all its availa ble funds consist of their stock. Upon this subject, so interesting to the citizens generally, and so vitally important to the finances of the State, I have thought it my duty to bestow much attention. The result of my inquiries has been, that the banks have unques tionably the means of discharg ing all their debts, and that they will be able, by prudent manage ment and by making small divi dends, to restore to the stock holders the whole, or nearly the whole, of their capital. While I cannot suggest any mode of le gislative interference in their affairs, which would improve their condition, or add to their ability to pay specie, and which might not essentially derange the finan ces of the State, it yet may be neither uninteresting nor useless to trace their present difficulties to their source. During the late War our banks enjoyed an envia ble state of prosperity. Their notes circulated at par not only in this, but in all the neighbour ing States. Soon after the ter mination of the war, commenced that spirit of speculation, so mem orable in the history of our coun try, and which overwhelmed, in its progress, men of every station and profession in life. The banks were not exempt from its influence. Partly tempted by the desire of large dividends, and partly induced by the solicitations of importunate applicants, they extended their loans, not indeed beyond the limits allowed by their charters, but beyond those which a prudent discretion and vigilant foresight would have prescribed. Their notes were issued to a large amount. When the fevur of speculation subsided, and left an unexampled depression in all kinds of bu siness, the bank notes, which an unnatural excitement had called into circulation, were returned for payment. At that time the banks were rich in spe cie. Instead of adopting, at this crisis, the only means which could have preserved their credit a prompt payment in specie of the notes presented, and a rigid de mand upon their debtors of such enstalments, as would have ena bled them to meet these calls they became alarmed, and resort ed to a measure suicidal in its na ture, and from the effects of which they have never recovered. They proclaimed, at the same time and in concert, that they would not redeem their notes in specie. As a necessary consequence, the value of their paper sunk immedi ately in public estimation. To this unfortunate act, and to the continuance of extensive loans and large dividends, mav be re ared nearly all their subsequent difficulties. Their notes became the prey of brokers, and the law J mount which was deficient in the stronger 'than their resolutions, Treasury. For the balance, the otate, it is uenevea; nas me re sponsibility of sufficient securi ties. compelled them to part with their specie, it was in vain uiui, uun vinced of their error, they en deavoured to re-gain their stand ing by punctual payment. Public confidence in monied institutions, once lost, is not easily recovered. Their specie has been gradually drained from their vaults, and sac rifices have been made to enable them to meet demands. Their notes, however, have continued below par, and two or three sea sons being disasterous to the far mer, and combining with the low price of his produce to put it put of his power to discharge the debts he owed these institutions, have accelerated the deprecia tion. Add to these causes, the large amount which is annually paid by our citizens into the na tional Treasury in duties on for eign articles, which cannot be much less than a million of dol lars, which must all be paid in specie, and scarcely a dollar of which returns among us in the disbursements of the general gov ernment, and it will not be diffi cult to account for the present embarrassed state of our banks. I will only add that 1 have no doubt the course which these in stitutions have been pursuing for the last year reducing their div idends; gradually, but safely col lecting their debts by enstalments not oppressive to the debtor; and paying the demands against them with all the promptitude which their circumstances will admit, is the one best adapted to remedy the existing evil, and to insure to the Stockholders, at the expira tion of the charters, the par value ot their stock. The charters of the present In June last, I received from the proper officers of the Treasu ry department of the. United States the sum of twenty-two thousand dollars, the amount of the appropriation made by Con- gross to reimburse wnat nau Deen expended by this State in purch--.o,; ri ' VUUIUlVtJU I Ubcl VcllJUIJo asm it This sum wag immediately paid over to the Public Treasurer, and has been by him transferred to the Literary Fund, according to the provisions of the act establish ing that fund. A splendid Map of Virginia has been presented by that Common wealth to this State. We have at different times received maps from other states, and one from the territory of Michigan. Permit me to suggest to you the expedi ency of authorizing the Executive, specie or the representative of when the new map of this state 1 I ill r l 11 mm -r-v now preparing by INI r. McKae shall be completed, to reciprocate these acta of courtesy, and to ex tend them to all the other States. I transmit to you, in file marked A, certain reports of committees and resolutions adopted by the Legislature of Georgia on the subject of African Colonization, of the Tariff, and of the powers claimed by the General Govern ment in relation to Internal Im provement; also resolutions of the Legislature of South Carolina, on the same subjects; and resolutions of the Legislatures of Ohio and Vermont on the same subjects, and on some proposed amend ments to the Constitution of the U. States; all of which have been received from the Governors 'of those States respectively, with a banks will expire on the first ofl request that they should be sub I -i - r "w mitted to you. JNot only the courtesy due to our sister States, but also the interesting nature ot the questions discussed in these papers, cannot fail to secure for them a most respectful and delib crate consideration. The resolution, adopted at the last session, requiring me to col lect information upon the subjects of Penitentiary and Lunatic A syiurn, has not been neglected. The information collected shall be transmitted to you in a few days. 1 have, gentlemen, in the course of this long address, communica ted my sentiments on some impor tant subjects, with a frankness which may seem like an unwar ranted intrusion on the peculiar province of a body, whose intelli gence and patriotism are sure guaranties of not only a faithful but an able discharge of their du ties. 1 must rely, for my apolo gy, upon tne usage long establish ed by my predecessors, and upon the deep anxiety I feel for the wel fare of the State. May the Al mighty Ruler of nations, without whose aid our wisdom is foolish ness, smile upon your councils, and so direct your measures, that they may promote the happiness, the physical, intellectual and mor al improvement of our country! 1 have the honor to be, &c. JA. IREDELL. January, 1835. I submit to vou the propriety of now determining whether some measures should not be adopted in anticipation of that event. '1 he ...State mvns more than seven hundred thou sand dollars iiTthcstock of these institutions, and individuals are in debted to them several millions. It seems prudent from a consid eration of these facts and of the mischief which would ensue from a sudden change in the monied affairs of this country, that you should early decide upon the "fu ture policy of the state. Will you abandon the banking system? will you renew the charters of the present banks? or will you estab lish new banks? These are the questions necessarily presented to your consideration. I have alrea dy trespassed too long on your attention to permit me to discuss them. I will only remark that whether you determine to renew the present charters or to estab lish a new bank, new and more efficient provisions will be requir ed to prevent the evil, to which banks are so often subjected, by the anxiety of the stockholders to make large dividends -I mean ex cessive loans and the consequent depreciation of their notes, I am pleased to inform you that the property received from the rn- prcsentatives of the lateTreasurer Xartoorougi), FRIDAY, DECEMBER 5, 1828. will discharge, with in tVfK'r nr fifteen thousand dollars, the a.xtenthrDfjarime,it,fior.U. Jackson. Adams. Presidential Election. The last Ra. leigh Star gives the following as the official returns of the votes taken at the recent Presidential Election in this State. It will be seen that only eiht counties, viz: Beaufort, Brunswick, Car teret, Guilford, Iredell, Jones, Pitt and Randolph, have given majorities for the Adams Ticket. Counties. Anson, Ashe, Beaufort, Brunswick, Buncombe, Burke, Bertie, Bladen, Cabarrus, Chowan, Columbus, Cumberland Caswell, Chatham, Craven, Camden, Carteret, Currituck, Davidson. Duplin, Edgecombe, Franklin, Guilford, Gates, Granville, Greene, Haywood, Halifax, Hertford, Hyde, . Iredell, Johnston, Jones, Lenoir, Lincoln, Martin, Montgomery, M nnhii v rr Moore, New Hanover, Nash, Northampton, Onslow, Orange, Perquimons, Person, Pitt, Pasquotank, Randolph, Richmond, Rockingham, Robeson, Rowan, Rutherford, Sampson, Stokes, Surry, Tyrrell, Warren, Wake, Wayne, Washington, Wilkes 701 319 372 149 7G2 1,314 571 384 428 225 300 821 941 693 550 42G 325 396 349 546 902 639 546 424 842 203 933 765 379 247 563 418 212 252 1,191 461 564 1,194 515 668 453 362 476 1,057 301 393 329 373 417 358 989 579 1,197 1,214 599 1,190 1,190 273 532 1,037 538 315 699 494 107 625 175 111 211 210 111 321 69 40 325 26 409 399 65 350 35 234 132 111 82 970 85 162 14G 3 60 159 88 571 .183 215 111 429 193 331 37G 90 147 57 228 105 440 134 24 435 293 619 209 110 2G4 321 53 120 245 272 20 33 .266 22 62 310 37,857 13,918 13,918 Jackson's maj. 23,939 The official returns of the votes in Virginia give, for Jackson, 26,752 for Adams, 12,107 ma jority for Jackson, 14,651. I.
The Tarborough Southerner (Tarboro, N.C.)
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Dec. 5, 1828, edition 1
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